SUPER AND INSURANCE REVIEWS

We conduct a 30 checklist, review of insurance and superannuation as per the new changes in Superannuation Industries Supervision (SIS) i.e. July 2014.

The SIS Regulation 4.09 has imposed important obligations on Trustees of Self Superannuation Fund (SMSF). These obligations relate to:

Investment Strategies: The trustee of a self-managed superannuation fund (‘SMSF’) are required to ‘formulate an investment strategy’ that has regard to the whole of the SMSF’s circumstances
Insurance Considerations: Trustees of an SMSF are now required to consider whether it is appropriate to hold a contract for insurance that covers for one or members of the SMSF.
Breaches: Consequences of breaching covenants could result in financial penalties ($18,000 per trustee or legal action)
Documentation: Trustee obligation for proper documentation i.e. updated Trust deeds, regular minutes and actionable investment strategies